All the things ChatGPT can do for real estate
You are in real estate and lead a busy life. You have to network with buyers and sellers, communicate with prospective clients, hop from one property to the next, write appropriate descriptions for listings, and whatnot! Now imagine if you had a 24×7 assistant who could travel with you everywhere, obey your commands, and give instant results. How great would that be?
Real estate professionals can now actually get that “24×7 assistant” — however, it is not a human assistant but an AI tool: ChatGPT.
Ever since OpenAI launched ChatGPT in November 2022, the tool, which uses machine learning algorithms to generate responses based on the inputs it receives, has become all the rage in many sectors, with real estate being one of them. It has been helping property dealers in myriad ways, so much so that some of them cannot function without it anymore, even though it has just been a few months since its launch.
A look at what ChatGPT can do for real estate
There really seems to be no end to what all ChatGPT can do for real estate professionals. From simulating conversations and messaging clients, answering their questions, and providing updates on what’s happening with a sale or purchase, to scheduling meetings, collecting contact details of prospective buyers, and writing eloquent property descriptions, the ‘24×7 assistant’ can do it all.
Add to that helping customers with their search for a new home, providing them listings that match their criteria, vetting rental applications from clients, furnishing information about a particular property — such as square footage, the number of bedrooms and bathrooms, its price, location, etc. — and you have ChatGPT performing roles that are traditionally associated with brokers.
It can even write compelling social media posts, prepare emails, draft legal documents, and do complex calculations, in addition to answering frequently asked questions. ChatGPT can also come up with a funny one-liner or a joke to break the ice with a prospective client.
The impact ChatGPT is having on real estate is no joke though. It is coming to the rescue of the real estate industry, taking over the tedious, repetitive tasks while freeing personnel to engage in more meaningful work. Calculating mortgage payments or the return on investment for a client, which involves complex calculations, is not a simple task. Real estate agents can simply outsource these mundane jobs to ChatGPT and get the right answers in minutes.
Of course, some use cases of ChatGPT are likely better than others. For instance, it is more viable to ask ChatGPT to write a detailed-yet-creative listing for a property, but asking it to converse with a client may not be the best thing to do. Functions like generating leads and closing transactions require a personalized approach, and ChatGPT might not be able to deliver that human touch.
While it is too early to pronounce, with a degree of certainty, how indispensable ChatGPT will be for the real estate industry and whether it will lead to the loss of jobs, one thing is clear: It has the potential to transform the industry by enhancing the efficiency of repetitive tasks and continually learning to emulate humans and their responses to unique circumstances.